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What President-Elect Javier Milei of Argentina Means for US


By: EJ Antoni @RealEJAntoni / Peter St. Onge @profstonge / December 07, 2023

Read more at https://www.dailysignal.com/2023/12/07/what-president-elect-javier-milei-of-argentina-means-for-us/

Argentina’s President-elect, Javier Milei, gestures during a Nov. 29 session at the Argentine Congress in Buenos Aires, at which he was officially declared the winner of the runoff election. He is set to take office on Sunday. (Photo: Juan Mabromata/AFP/Getty Images)

Argentina’s troubled economy has led to the victory of President-elect Javier Milei, whom many have branded a radical. Given our own fiscal and monetary troubles, what has happened in Argentina has implications for the United States.

Milei’s ideas are neither radical nor novel. They represent a move toward returning to normal and a repudiation of the economic sins Argentina has repeatedly committed.

The nation is in the throes of its fifth hyperinflation in less than five decades, with prices now rising 143% per year. It was enough to convince the Argentine electorate that it was time for a 180-degree change in economic policy. The people want to make Argentina great again, as former President Donald Trump said in congratulating Milei, 53, who takes office on Sunday.

A century ago, Argentina was the crown jewel of South America. It was one of the richest countries in the world, with a gold-backed currency and a higher per-capita gross domestic product than Austria, Italy or Spain, its former master.

But Argentina got caught up in the progressive era of the early 20th century and elected socialists around World War I. Government meddling in the economy took root with new laws controlling factory production and working hours. Major industries such as energy and transportation were nationalized. Government schools became ubiquitous.

Economic efficiency declined and output fell as the bureaucracy became bloated.

With the onset of the Great Depression, socialists in both the U.S. and Argentina found a new excuse to implement the agenda they had been advocating for decades. Argentina‘s government exploded its budget and launched an economywide industrial policy, which backfired spectacularly, just as the New Deal drove U.S. economic output lower.

To finance an expanded government, Argentina chose to print money and abandoned the gold standard, then devalued the peso by half. Agricultural output plunged, including beef, and Argentina lost its place as one of the world’s biggest beef exporters.

The political unrest that followed led to a military coup and takeover by fascist-sympathizing national socialists who doubled down on their predecessors’ failed policies. The next four decades saw more inflation and the nationalization and unionization of more industries and workers amid constant pushes for social justice.

The middle class all but disappeared, replaced by an overregulated, overtaxed underclass.

In the first of a series of hyperinflations, the peso’s value went from 42 cents American to less than three one-thousands of a cent in 1969. Argentina abandoned its throne among the pantheon of the richest nations in the world, descending to perennial economic basket cases.

Although the peso was restored in 1970, it quickly lost 99.9% of its value. It was reset again in 1981, only to lose 95% of its value thereafter. Each time government spending expanded beyond its means, Argentina printed the money to pay for it, robbing the people of their wealth.

After resetting the peso in 1983, hyperinflation was repeated yet again with a 98% devaluation. A further reset of the peso in 1985 was preceded by a collapse of the currency, losing 99.9% of its value once more.

By 1992, then-President Carlos Menem was able to restore the Argentine peso to parity with the U.S. dollar, but the feat lasted only a decade before the nation returned to its socialist credo. Government spending grew, financed by printed money, and the currency predictably lost more than 90% of its value.

Argentina returned to being persona non grata in the world of investment-grade bonds, and Argentines were once again laboring away under the yoke of hyperinflation.

This is the context that elected Milei. At long last, Argentines have had enough socialism and want their country back. Sadly, it took Argentina almost a century of chaos to learn that lesson.

The United States is following in Argentina’s footsteps, but it is running instead of walking. Relative to the size of the economy, Washington is racking up deficits twice as large as those of Buenos Aires. More than 40% of U.S. personal income taxes in America are consumed just in interest on the federal debt. If the spending is not cut soon, Argentina-style hyperinflation will follow as the only way to pay for excessive government spending.

America should skip to the end of the story of Argentina instead of reliving the whole tragedy page by page. That seems unlikely since, as our South American cousin has shown, even repeated bouts of hyperinflation aren’t always enough to wake people up to the disastrous reality of socialism.

Originally published at WashingtonTimes.com

Here’s Why the Media Don’t Want You to Know About the Massive Protests Going on Around the Globe


REPORTED BY: BETH WHITEHEAD | JULY 15, 2022

Read more at https://thefederalist.com/2022/07/15/heres-why-the-media-dont-want-you-to-know-about-the-massive-protests-going-on-around-the-globe/

Mass protests in Buenos Aires amid Argentina inflation crisis

Discontent with left-wing policy failures is triggering massive protests all over the world. Just don’t expect to read all about it in the New York Times.

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BETH WHITEHEAD

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If you skim the front pages of major corporate news outlets, you’ll find no mention of the economic protests raging in Spain, Morocco, Greece, and the United Kingdom.

On The Washington Post homepage these days, you’ll find headlines such as, “How To Deal With A Chatty Coworker Who Won’t Get Out Of Your Office,” but you won’t find mention of the more than 100,000 people protesting in Madrid. You’ll find the story of a gay union entitled, “What’s Two ‘Yentas’ Plus One Senator? A Lifetime Together” at The New York Times, but you won’t see a single heading on the more than 10,000 protesters in Athens. Corporate media has largely glossed over the tens of thousands of farmers in the Netherlands who clogged up roadways and distributions centers by holding Canadian-trucker-convoy-style demonstrations to protest radical climate policies.

According to the Carnegie Endowment for International Peace, which records protests worldwide, 11 countries are currently seeing protests of more than 1,000 people in response to the rising cost of living and other economic woes in 2022. As of July 5, Carnegie had recorded protests of more than 120,000 people in France, 100,000 in Spain, 10,000 in Greece, 10,000 in Kazakhstan, 10,000 in Sri Lanka, 10,000 in India, 5,000 in Iran, 5,000 in Peru, 1,000 people in Argentina, 1,000 in Morocco, and 1,000 in the U.K.

Many of the French protesters took to the streets on May Day for salary increases and against President Emmanuel Macron’s increase of the retirement age. Fifty-four people were reportedly arrested in Paris after some demonstrations turned violent. France’s economy, Europe’s third-largest, shrank in the first quarter of 2022, and in June, inflation shot up 5.8 percent compared to last year. Protesters also held demonstrations in March, with some complaining they had lost 15 to 20 percent of their purchasing power. Meanwhile, France’s answer to inflation? Keep spending; the country is throwing $20.4 billion at the problem.

In Spain, with gas subsidies, direct grants, and an increase in the minimum wage, the socialist-leaning government has seen only rising inflation rates (10.2 percent), and the accompanying price hikes are driving thousands of people onto the streets to protest. The country is finding out the hard way what a 40 percent reliance on renewable energy will do to the labor market. With its high unemployment rate at 13.65 percent as of the first quarter of 2022, labor shortages are raising prices on staple grocery items to an almost 30-year high. Thousands of demonstrators protested in March for relief in the form of tax cuts.

Meanwhile, it’s no surprise that any supply issues, aggravated or initiated by the Russia-Ukraine war, would burden Greece’s weakened economy that only just emerged from a decade-long crisis in 2018 to be sent right back by Covid shutdowns in 2020. In April, thousands gathered at a labor union-organized rally outside parliament in protest of inflation, which followed a February demonstration where about 10,000 people showed up to protest electricity prices that had leaped 56 percent, fuel prices that had jumped 21.6 percent, and natural gas prices that had skyrocketed 156 percent in January.

In India, a country locked in a vicious cycle of going into debt to pay off interest of former debts, the increasing cost of living is racking the country. In March, an estimated 50 million workers participated in a two-day strike to protest the loss of jobs and income, with communist groups organizing rallies in May decrying the high rate of inflation.

The socialist government in Argentina that led the country to default seven times and produced the largest decline in the relative standard of living in the world since 1900 is trying to do something new. On Monday, Argentina’s new economy minister Silvina Batakis announced her plan to cut the fiscal deficit — a proposal more than a thousand Argentines are protesting.

Decades of government spending and faulty economic policies have led to Argentina’s inflation rate growing to 58 percent. Prices are liquid and through the roof, with iPhones costing six months’ rent and a two-hour plane ticket equaling the cost of a month’s college tuition. Batakis plans to hold Argentina to the terms of a $44 billion debt deal it made earlier this year with the International Monetary Fund. Thousands of Argentines meanwhile flocked to protest against the economic hardships felt by the country upon cutting spending and took up banners crying for Argentina’s separation from the IMF.

The United Kingdom is suffering from a high 9.1 percent inflation rate as of May, and many are tired of the government’s response. Brits flocked out in February to protest rising costs of living, with demonstrations held in at least 25 towns and cities and signs reading, “tax the rich” and “freeze prices not the poor.” The U.K.’s inflation rate was already at 5.4 percent in January of this year due in part to the 2020 Covid shutdowns, but it has since almost doubled, largely due to the EU’s sanctions on Russian oil. In June, thousands marched down central London in protest, wanting the government to boost its welfare response.

Still reeling from the worst drought it has had in 40 years, Morocco is seeing price spikes on even the most basic goods. Thousands of Moroccans joined protests in February to decry the increasing cost of living, with unions staging more demonstrations in April. The country has high unemployment rates and large public debt, along with a heavy reliance on imports.

Aside from a scant headline here and there, America’s most popular news providers, The Washington Post, New York Times, CNN, and NBC, did not cover these protests, despite the French and Spanish protests being 10 to 100 times larger than the protests these corporate media giants did report.

None of these four major outlets wrote a single line on the protests of more than 100,000 demonstrators in Spain, more than 10,000 in Greece, more than 1,000 in Morocco, and more than 1,000 in the U.K. The New York Times published one lone article on the strike in India, where an estimated 50 million people walked off the job. The Washington Post has two small articles on the Argentinian protests of more than 1,000 as inflation appears set to hit 70 percent, and it has reported once on the May Day protests in France where more than 120,000 people protested government pension reforms. NBC mentioned the May Day protests once in a world report. This is the entire 2022 coverage by these media giants of these countries’ protests over economic turmoil.

Of these 11 countries, only four made any major headlines. The corporate press oftentimes only highlights these economic protests when they get so loud they can no longer be ignored, as we saw with Kazakhstan’s kill order to quell protests and the Sri Lankans’ attack on their president’s home. Over the weekend, the biased media finally began covering the Sri Lanka protests that are over 10,000 people strong — but only because footage of demonstrators swarming the president’s residence by the thousands on Saturday went viral.

Corporate media won’t talk about the rest of these protests because the countries are struggling from economically disastrous policies akin to President Joe Biden’s. Any show of economic turmoil in EU member states could be traced back to EU sanctions on Russia or green energy failures, which would fly in the face of the corporate media’s agenda. Many of these countries have inflationary monetary policies.

The leftist media will tell you about Sri Lanka, Kazakhstan, Iran, and Peru, however, but only to bolster its pro-Ukraine/anti-Russia narrative that denies the realities of war to promote Biden’s efforts to empty our pockets and replenish Ukraine’s.

In its treatment of the Kazakhstan protests, The Washington Post made sure to mention the country’s relationship with Russia. The Times’ articles on the Sri Lanka protests framed the economic downturns in terms of problems stemming from Russia’s invasion and ignored Sri Lanka’s Green Deal ban on chemical fertilizer that ultimately crashed its economy. Both CNN’s coverage of protests in Iran and NBC’s reports of those in Peru likewise stressed the Russia-Ukraine war as the cause for economic turmoil.

The media only highlight these world protests when they grow too big to ignore or when the facts can be skewed toward their preferring narratives. Cherry-picking which protests to highlight gives media cover to paint them as isolated incidents in non-Western countries instead of a worldwide trend showing the consequences of embracing left-wing policies. After all, Biden is making the same blunders in the United States, and corporate media can’t have Americans connecting those dots.

The U.S. labor market is in shambles. Inflation has skyrocketed to a 40-year high at 9.1 percent. The Biden administration is drawing down our emergency oil reserves, shipping it overseas to nations that can’t function on their “Green Energy” policies any more than we can. Irony alert: The oil will go through a European pipeline despite Biden citing climate conservation to shut down our own Keystone pipeline.

Discontent with these policy failures is triggering massive protests all over the world. Just don’t expect to read all about it in the New York Times.


Beth Whitehead is an intern at The Federalist and a journalism major at Patrick Henry College where she fondly excuses the excess amount of coffee she drinks as an occupational hazard.

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